American Community Renewal Act of 1998

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Designation and Evaluation of Renewal Communities Title II: Tax Incentives for Renewal Communities Title III: Additional Provisions American Community Renewal Act of 1998 - Title I: Designation and Evaluation of Renewal Communities - Renewing American Communities Act of 1998 - Amends the Internal Revenue Code to authorize the Secretary of Housing and Urban Development to designate (upon local or State nomination) up to 100 renewal communities, of which at least 20 percent shall be in rural areas. Requires for nomination purposes that: (1) the area be experiencing high rates of poverty and unemployment and general distress; and (2) State and local governments enter into written contracts with neighborhood organizations to promote specified economic growth and employment activities. Treats renewal communities as labor surplus areas for all Federal law purposes. Title II: Tax Incentives for Renewal Communities - Amends the Internal Revenue Code to exclude from gross income capital gains on the sale or exchange of a qualified community asset (stock, business property, or partnership interest) held for more than five years. Allows a specified deduction for am…